The indifference curves in the figure above (I1, I2, and I3 ) reflect Peter's consumption preferences. Which of the following combinations of goods does Peter prefer the most?
A) 48 slices of pizza and 12 chocolate bars
B) 24 slices of pizza and 24 chocolate bars
C) 40 slices of pizza and 20 chocolate bars
D) 32 slices of pizza and 8 chocolate bars
C
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The federal government debt ________ when the federal government runs a deficit and ________ when the federal government runs a surplus
A) increases; increases B) decreases; decreases C) increases; decreases D) decreases; increases
The crude quantity theory of money assumes that
A. V and Q remain constant. B. V and Q vary. C. V is constant and Q varies. D. Q is constant and V varies.
The long run is defined as the time period in which
A) the firm can vary only one input. B) the firm can make positive economic profits. C) all factors of production can be altered. D) the firm can alter its rate of production.
The marginal income tax rate is equal to
A) the total tax payment divided by total income. B) the change in the tax payment divided by the change in income. C) the average tax payment divided by the total tax payment. D) the percent of total income that goes to taxes.